Auto Draft

Energy corporations will soon start reporting quarterly and annual financial and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public companies which were submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC varieties might be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will depend on the XBRL 2.1 Specification (which defines the essential building blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reviews is represented by a worth (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail beneath, you’ll notice quite a few differences with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules enable for extremely prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva resolution for FERC reporting provides customers with pre-tagged forms. These standardized pre-tagged forms not solely scale back preparation efforts considerably, in addition they reduce tagging inconsistencies—you can achieve greater information quality with less effort.
Also, you aren’t required to tag every number. Notes to financial statements require block tags solely. For instance, if disclosure notes are pasted into FERC Form 1 from the 10-K you file with the SEC, these can be tagged with a single textual content block for FERC. A bonus for customers of the Workiva resolution for SEC reporting and the Workiva resolution for FERC reporting: You will have the ability to hyperlink data in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no applicable XBRL concept is available, the knowledge is not to be tagged. However, if an applicable idea exists, FERC requires the data to be tagged (both numeric and nonnumeric). Note that some required information could also be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally for use as provided. So, how do you report company-specific data, such as officer names? In order to support reporting of company-specific information, FERC uses the typed dimension.
nuova fima pressure gauge ราคา for Workiva users? Although FERC uses a unique technical specification, you will note the Workiva FERC reporting solution provides the same appear and feel as axis/member utility within the Workiva resolution for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no custom labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer based mostly on form locations. Also, there aren’t any calculation to define. In fact, custom calculations usually are not permitted. Validation guidelines will handle consistency checks.
Since เกจวัดแรงดันน้ำมันเบนซิน assigns particular hypercube to every schedule, there is no outline structure to construct. For customers of Workiva for FERC reporting, that is routinely managed by the Workiva platform.
Plus, truth ordering is not managed by the define and is not required. FERC makes use of a numeric element “OrderNumber” to manage sequencing of company-specific data. Users of the Workiva answer for FERC reporting can simply assign row numbers within the form schedules as “OrderNumber” in the Workiva platform. Lastly, there are no custom dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there isn’t a digital kind to submit. Machine-readable knowledge is the key focus. Although not in iXBRL format, FERC’s official kind renderer will provide standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most filing data to the SEC is public record, the SEC doesn’t provide this, however FERC does. Whether FERC will really approve a request for confidential information is one other question! If you may have an XBRL vendor for SEC reporting, make certain your vendor additionally helps FERC compliance, because the FERC taxonomy won’t be the identical because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, choose an XBRL software program vendor, or invest the time and money to build and maintain an in-house resolution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC might be essential when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured knowledge initiatives and Peter Larison is supervisor of structured knowledge initiatives at Workiva. Workiva, Inc. is a world software-as-a-service firm. It offers a cloud-based related and reporting compliance platform that enables the usage of connected data and automation of reporting across finance, accounting, risk, and compliance. For extra data, go to www.workiva.com
Share

Scroll to Top